1）国内没有价格战。2）寡头龙头格局。3）海外无论新能源还是油车净利率远好于国内（无 需投固定资产）。4）碳酸锂成本持续下行。 客车这轮市值空间怎么看？ 未经许可，不得转载或者引用。 投资要点 客车这轮大周期驱动因素是什么？ 一句话总结：客车代表中国汽车制造业将成为【技术输出】的世界龙头。这不是梦想而是会真 真切切反映到报表层面。海外市场业绩贡献对客车行业在3-5年会至少再造一个中国市场。背 后支撑因素： 1）天时： 符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余年的出 海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业【走出去】。 2）地利： 客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车已领先 海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 3）人和： 国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲击+新能 源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年宇通已率先提价，且需 求本身得益【旅游复苏+公交车更新需求】有望重回2019年水平。 客车这轮盈利能创新高吗？我们认为并不是遥不 ...

证券研究报告·行业研究·汽车与零部件 客车11月月报： 10月内需同比修复，期待年底翘尾行情 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年11月24日 请务必阅读正文之后的免责声明部分 2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反映到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年 ...

智通财经APP获悉，中国汽车流通协会发文称，2025年10月，新能源商用车零售销量为7.98万辆，同比增长44.7%，环比下降15.45%。1-10月，新能源商 用车累计零售销量为67.70万辆，同比增长55.59%。 中国汽车流通协会商用车专业委员会提供的销量数据显示，2025年10月新能源商用车零售销量为7.98万辆，同比增长44.7%，环比下降15.45%。其中 96.82%的销量来源于纯电动商用车，销量达到7.72万辆，同比增长45.45%。 从类型来看，新能源卡车销量为4.67万辆，占比58.47%，同比增长67.17%，环比下降14.95%;新能源客车销量为3.31万辆，占比41.53%，同比增长 21.67%，环比下降16.15%。 从企业/品牌表现来看，TOP5企业/品牌销量占比为36.90%，分别是吉利远程、福田汽车、上汽五菱、徐工汽车和重汽豪沃。 2025年1-10月新能源商用车累计零售销量 2025年1-10月新能源商用车累计零售销量为67.70万辆，同比增长55.59%。其中96.63%的销量来源于纯电动商用车，销量达到65.42万辆，同比增长 56.48%。 从类型来看，新能源卡车累 ...

频繁的双向交流背后，是中拉交通网络建设的不断提升。目前，郑州至墨西哥城的货运航线已执飞近 700班次，如今加密至每周5班，服务范围延伸至哥伦比亚、秘鲁、委内瑞拉等拉美多国。中国社会科学 院秘书长赵志敏表示："这反映出中拉产业互补的深度契合，是双方市场需求的双向奔赴，更是共商共 建共享合作理念的生动实践。" 日前，由中国国际贸易促进委员会、河南省人民政府、中国人民银行主办的第十八届中国—拉美企业家 高峰会在河南郑州举行。来自中国与拉美和加勒比国家的政府官员、工商界人士、专家学者以及国际组 织代表等1000余人出席峰会。现场交流热烈，初步达成合作意向73项。 2025年是中拉论坛正式运行10周年，中拉关系正迈向高质量发展新阶段。中国贸促会会长任鸿斌表示， 10年来，中拉战略互信更加深入，务实合作持续拓展，友好势能不断增强，中拉关系进入了平等、互 利、创新、开放、惠民的新阶段。 在中国各大城市的商超，来自墨西哥、智利、秘鲁等拉美国家的龙虾、牛油果、蓝莓等农产品吸引众多 消费者。"中国市场对拉美国家的农产品接受度越来越高。我们很高兴这些优质产品能在中国市场受到 欢迎。"中国墨西哥商会副执行主席维克多·卡德纳说。目前， ...

Core Viewpoint - The article emphasizes the strategic importance of the automotive industry as a pillar of the real economy, highlighting the shift towards new energy and intelligent connected vehicles in Chengdu Economic and Technological Development Zone [1] Group 1: Industry Transformation - Chengdu Economic and Technological Development Zone is focusing on the transformation of the automotive industry by promoting new energy and intelligent connected vehicles, aiming for a high-end, intelligent, and green industrial upgrade [1] - The region has established a production platform capable of producing one million new energy vehicles, with a diverse range of products including A and B-class sedans, mid-sized SUVs, and pure electric light trucks [5] Group 2: Production and Capacity - Sichuan Lynk & Co has built a smart factory where over 80% of the produced vehicles are new energy models, including popular products like Geely's Xingyuan and Lynk & Co Z20 [3] - The Jetta brand's first new energy vehicle is set to begin mass production in September next year, with a production line renovation project expected to be completed in 30 days [3] - The Xizhong Automotive production base in Chengdu is expected to deliver nearly 1,000 new energy vehicles this year, with a planned annual capacity of 25,000 vehicles upon completion of its second phase [3][5] Group 3: Growth Metrics - From January to September this year, the production of new energy vehicles in the Chengdu Economic and Technological Development Zone reached 165,400 units, marking a year-on-year increase of 248.95%, with expectations to exceed 200,000 units for the entire year [5] - The region has successfully attracted major projects, including the Jetta new energy vehicle brand headquarters and the Dongfeng new energy vehicle production base, enhancing the local automotive supply chain [5] Group 4: Intelligent and Connected Vehicles - Chengdu Economic and Technological Development Zone has made significant progress in the intelligent and connected vehicle sector, completing layouts in 27 key areas out of 40, covering 67.5% of the targeted fields [7] - The region has established a C-V2X communication network covering 140 kilometers, with over 400 traffic light intersections connected [8] - The area has seen the introduction of various intelligent driving applications, including smart logistics and intelligent sanitation vehicles, with over 210 million kilometers of testing mileage achieved [8]

业内人士普遍认为，渗透率超过30%，则预示着新能源商用车 将从政策驱动转向市场驱动。 作者：邹永勤 封图：本报资料室 汽车领域的新能源转型发力点，或已悄然从乘用车领域向商用车领域倾移。 根据中国汽车工业协会（下称"中汽协"）发布的最新统计数据，2025年前10个月，新能源汽车国 内销量1092.90万辆，同比增长25.70%；其中，新能源乘用车国内销量1028万辆，同比增长 24%；新能源商用车国内销量64.90万辆，同比增长60.20%。 单就10月份而言，新能源乘用车国内销量137.70万辆，同比增长10.30%；新能源商用车国内销 量8.20万辆，同比增长52.40%，新能源商用车国内销量占商用车国内销量的比例（即渗透率）为 30.90%。 这已经是新能源商用车渗透率指标连续两个月站稳在30%上方。业内人士普遍认为，渗透率超过 30%，则预示着新能源商用车将从政策驱动转向市场驱动。 群雄逐鹿 作为商用车领域"老牌劲旅"的东风股份（600006.SH），近年来业绩表现低迷而急需寻求突破 口。此次他们不但携旗下商用车领域全品系重磅车型亮相，更现场举行了"新品牌、新产品、新战 略"的发布会，提出了"到2030 ...

经济观察报记者 邹永勤 汽车领域的新能源转型发力点，或已悄然从乘用车领域向商用车领域倾移。 根据中国汽车工业协会（下称"中汽协"）发布的最新统计数据，2025年前10个月，新能源汽车国内销量1092.90万辆，同比增长25.70%；其中，新能源乘用 车国内销量1028万辆，同比增长24%；新能源商用车国内销量64.90万辆，同比增长60.20%。 单就10月份而言，新能源乘用车国内销量137.70万辆，同比增长10.30%；新能源商用车国内销量8.20万辆，同比增长52.40%，新能源商用车国内销量占商用 车国内销量的比例（即渗透率）为30.90%。 这已经是新能源商用车渗透率指标连续两个月站稳在30%上方。业内人士普遍认为，渗透率超过30%，则预示着新能源商用车将从政策驱动转向市场驱动。 群雄逐鹿 就在我国商用车迎来新能源化拐点的关键时刻，11月10日至11月13日，两年一届的中国国际商用车展（2025）在武汉举行。根据经济观察报记者现场了解， 新能源车型成为车企和观众关注的核心焦点。主办方提供的数据亦显示，本届展会新能源与燃油展车的比例达到2:1。 比亚迪（002594.SZ）虽然在新能源乘用车领域稳居龙 ...

Core Viewpoint - Shuguang Co. reported a significant decline in vehicle sales and production for the year 2025, with total vehicle sales amounting to 108 units and production at 6 units, indicating a challenging market environment [1] Summary by Category Sales Performance - Cumulative vehicle sales from January to October 2023 reached 1,349 units, representing a year-on-year decrease of 36.04% [1] - The sales of new energy buses were particularly low, with only 3 units sold, marking a drastic year-on-year decline of 94.23% [1] Production Metrics - The total vehicle production for the year 2025 is projected to be only 6 units, highlighting a significant reduction in manufacturing output [1]

Summary of Jinlong Automobile Conference Call Company Overview - **Company**: Jinlong Automobile - **Industry**: Automotive, specifically bus manufacturing Key Financial Performance - **Q3 2025 Revenue**: 780,000 CNY, up 159.25% YoY [2] - **Earnings Per Share (EPS)**: 0.34 CNY, up 209.09% YoY [2] - **Total Bus Sales**: 34,862 units, up 5.86% YoY [2] - **Gross Margin**: Increased by nearly 2 percentage points QoQ due to cost reduction and higher-value orders [2][5] - **Net Profit**: 247 million CNY, up 223.71% YoY [3] Growth Drivers - **Cost Reduction and Efficiency**: Significant improvements in cost management and procurement strategies [2][5] - **Export Business**: Exports accounted for over 60% of total sales, contributing positively to gross margin [2][5] - **High-Value Orders**: Increased proportion of high-value orders has positively impacted profitability [2][5] Future Outlook - **Q4 2025 Expectations**: Continued growth in revenue and profit, but uncertainty in gross margin improvement [6] - **Annual Performance Goals**: Targeting positive net profit after deductions, a 2 percentage point increase in gross margin, and ROE exceeding 6% [7] - **Sales Projections**: Domestic sales may decline by 5%-10% in 2025, but overseas markets are expected to grow by 10%-15% annually [4][27] Export Market Insights - **Key Markets**: Significant growth in Asia, Middle East, Southeast Asia, and Northeast Asia, with Israel as the largest export destination [4][14] - **Demand Drivers**: Increased demand in Southeast Asia due to reduced exports from Japanese manufacturers and electric vehicle projects [4][14] Strategic Initiatives - **Intelligent Driving**: Early investments in smart driving technology, including partnerships with Baidu for autonomous buses [4][9] - **Consolidation of Subsidiaries**: Ongoing integration of three bus manufacturing subsidiaries to enhance operational efficiency [17][22] - **Centralized Procurement**: Achieved over 30% centralized procurement, aiming for 90% by the end of 2027 [10][19] Challenges and Risks - **Domestic Market Volatility**: Anticipated decline in domestic sales due to subsidy changes and market conditions [27] - **Competitive Landscape**: Need to improve market share against competitors like Yutong, which holds a significant portion of the market [29] Additional Insights - **Non-Recurring Gains**: Third-quarter non-recurring gains primarily from government subsidies and reduced financial income [8] - **Future Product Development**: Focus on enhancing vehicle comfort and performance through advanced technologies [29][30] Conclusion Jinlong Automobile is experiencing significant growth driven by export markets and strategic cost management. The company is well-positioned for future growth, although it faces challenges in the domestic market and competition. The focus on intelligent driving and centralized procurement will likely enhance its competitive edge in the coming years.

Group 1 - The 18th China-Latin America Entrepreneurs Summit focused on cultural exchange and practical cooperation, emphasizing the theme "Collective Wisdom for New Prosperity" [1] - The event highlighted the deep cultural connections between Chinese and Latin American civilizations, with performances like traditional Henan opera impressing Latin American guests [1] - The summit showcased the potential for deepening cooperation beyond mere trade, moving towards cultural integration and mutual learning [1] Group 2 - China is the second-largest trading partner for Latin America, with a projected bilateral trade volume of $518.47 billion in 2024, reflecting a 6% year-on-year growth [2] - China's investment in Latin America exceeds $600 billion, making it the third-largest source of investment in the region, with a focus on emerging sectors like renewable energy and digital economy [2] - Zhengzhou's trade with Latin America is significant, with a projected import-export total of $29.28 billion in 2024 and a recent signing of agreements worth $12 billion during a trade promotion event [2] Group 3 - Experts at the summit discussed the need for consensus on customs efficiency and digital trade rules as Latin America seeks new development models [3] - The dialogue emphasized the transformation of Henan from an inland region to an open frontier, positioning it as a key hub for China-Latin America cooperation [3] - The summit served as a platform for building "bridges of thought," aiming to clarify cooperation directions and enhance practical actions between Henan and Latin America [3]